ORDER

1. This is a Company Petition filed under section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) by Sunjeet Communications Private Limited (“the Operational Creditor”), seeking initiation of Corporate Insolvency Resolution Process (CIRP) in the matter of Rashmi Metro Homes LLP, the Corporate Debtor.

2. The Corporate Debtor is a Limited Liability Partnership incorporated on 08.03.2017 under the Limited Liability Partnership Act, 2008. Its registered office is 601, Classic Pentagon, Western Express Highway, Chikuwadi, Andheri (East), Mumbai-400099.Therefore, this Bench has jurisdiction to deal with this petition.

3. The Company Petition is filed on 16/01/2021 claiming an amount towards Principal of Rs. 2,66,74,085/- (Two Crore Sixty-Six Lakh Seventy-Four Thousand and Eighty-Five Rupees Only) and Interest @ 18% is Rs. 2,07,12,198/- (Two Crore Seven Lakh Twelve Thousand One Hundred and Ninety-Eight Only) aggregating to Rs. 4,73,86,283/- (Four Crore Seventy-Three Lakh Eighty-Six Thousand Two Hundred and Eighty-Three Only) is due and payable by the Corporate Debtor. The date of default as specified in Part IV of the petition is 11.03.2017.

4. On 11.01.2023, the Adjudicating Authority by way of the Impugned Order, had rejected the Application primarily on the grounds of Non- Maintainability. The present applicant therefore preferred a Company Appeal (AT) (Ins) No. 371 of 2023 against the impugned order dated 11.01.2023 before National Company Law Appellate Tribunal. The same was allowed on 20.09.2023 and the impugned order was set aside and the matter was remanded back to this Tribunal. The relevant extract of the said order is reproduced below:

“7. The default which is claimed is from 11.03.2017 which is said to be continuing. The MOU was an intermediate step to deal with the default and it is categorical case of the Operational Creditor that MOU was not implemented and even cheques given to the Operational Creditor were not honoured. We, thus, are of the view that default which was committed on 11.03.2017 is still continuing and original default could not be wiped out by the MOU.

8. It was categorical case that Corporate Debtor has not complied with its commitment and the total outstanding debt is there as indicated in the application. We are of the view that the Adjudicating Authority committed error in rejecting Section 9 application as not maintainable. In result, we allow the Appeal. Set aside order dated 11.01.2023 and revive the Section 9 application before the Adjudicating Authority to be heard and decided afresh in accordance with law.”

5. In view of the Order passed by the Hon’ble NCLAT, the Applicant filed an IA 4717/2023 for Restoring the Company Petition No.128/2021. The said IA was allowed and the CP was restored vide order dated 20.10.2023. The said matter was listed on 04.12.2023 for hearing wherein the Corporate Debtor stated that he had filed a Writ Petition against the said order passed by Hon’ble NCLAT and sought short adjournment.

6. On 08.12.2023, the Hon’ble Supreme Court passed an order in the Civil Appeal that, “We do not find any Good ground and reason to interfere with the impugned judgement and hence, the appeal is dismissed”. Thereafter, the said matter was listed for hearing on 18.06.2024.

Submissions advanced by the Operational Creditor are as follows:

7. The Operational Creditor submits that the Applicant is one of the leading advertising agencies providing holistic advertising solutions to its customers in all forms of media including print, television, digital and social media. The Applicant is accredited by Indian Newspaper Society ("INS") having established its presence in the market since 1992.

8. The Operational Creditor submits that the Corporate Debtor is carrying on its business as a Property Developer. The Corporate Debtor is a part of Rashmi Group of companies and its associate companies have been dealing with Applicant since 2010 relating to advertisement and publication of their projects in